Wall Street Breakfast: Must-Know News

by: Wall Street Breakfast
Wall Street Breakfast
Seeking Alpha's flagship daily business news summary, gives you a rapid overview of the day's key financial news. It is published before 7:00 AM ET every market day and delivered to over 900,000 email subscribers.

Egypt's presidential election has been extended for a third day after low voter turnout. Former army chief Abdel Fattah al-Sisi is still well ahead of his only opponent, leftist Hamdeen Sabahy. Election officials have also issued a fine of over 500 Egyptian pounds ($72) on individuals not taking part in the vote.

Nestle will pay $1.4B for several skin care products from Valeant Pharmaceuticals (NYSE:VRX). The acquisition will boost its new division of Nestle Skin Health. Nestle (OTCPK:NSRGY, OTCPK:NSRGF) is looking to expand into the medical and health fields after it has faced heavy competition in its core food products business.

Google is building two passenger prototypes that don't have steering wheels, accelerator pedals or brake pedals in an effort to bring the self-driving small electric cars to market. The vehicles are currently being built through partnerships with automotive suppliers and manufacturers. Since 2009, Google (GOOG, GOOGL) has already been testing self-driving cars, helping incorporate some of the technology (such as laser sensors and radar) into Lexus SUVs and the Toyota (NYSE:TM) Prius.

Yahoo is ramping up talks with video producers ahead of a planned summer launch for a would-be YouTube (GOOG, GOOGL) rival. The report released by AdAge states Yahoo (YHOO) is looking to lure top YouTube content creators by establishing better revenue-sharing deals and greater fixed ad rates. Similar to YouTube, uploaders will be able to make their own channels and host their videos on Yahoo. The new video player will also be embeddable on other sites.

General Electric is willing to partner with France's government in a possible alliance over Alstom (OTCPK:ALSMY), although GE (NYSE:GE) CEO Jeffrey Immelt didn't name too many other specifics besides the willingness for a government investment. Siemens' (OTCPK:SIEGY) Christophe de Maistre countered that his company's eventual bid would spawn two separate companies: a power equipment firm and a train giant that would combine Alstom's high-speed train operations with Siemens' rolling-stock business.

Microsoft will launch a real-time language translation feature for Skype later this year. The new app will be available on Windows 8, and be called "Skype Translator." It is not clear from Microsoft (NASDAQ:MSFT) if the service will be offered for free or if users will have to pay a fee. Skype currently has 300M monthly users globally, but faces competition from Google (GOOG, GOOGL) Hangouts, Apple's (NASDAQ:AAPL) Facetime, Blackberry's (BBRY) BBM, Tango and Viber.

Panasonic will recall 43,140 battery packs used in notebook computers after three overheated and caught on fire. The issue was discovered after two incidents occurred in Japan and another in Thailand. Panasonic (OTCPK:PCRFY) will replace the batteries free of charge after identifying a problem in the manufacturing process. The recall comes after the company's attempt to focus its business model on more profitable industrial products such as car batteries, as opposed to volatile consumer goods.

BP's request to extend stay on payments to businesses that can’t directly prove they were damaged by the 2010 Gulf of Mexico spill, was rejected by the U.S. Court of Appeals in New Orleans. British Petroleum (NYSE:BP) made the request as it seeks a review of disputed payments by the Supreme Court.

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Today's Markets:
In Asia, Japan +0.2% to 14671. Hong Kong +0.6% to 23080. China +0.8% to 2050. India flat at 24556.
In Europe, at midday, London flat. Paris +0.1%. Frankfurt +0.1%.
Futures at 6:20: Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude +0.2% to $104.35. Gold flat at $1266.
Ten-year Treasury Yield -1 bps to 2.5%

Today's economic calendar:
7:00 MBA Mortgage Applications
7:45 ICSC Retail Store Sales
8:55 Redbook Chain Store Sales
1:00 PM FRN 2-Yr Note Auction
1:00 PM Results of $35B, 5-Year Note Auction

Notable earnings before today's open: BMO, BWS, CBRL, CHS, DAKT, DSW, KORS, NADL, SDRL, TOL

Notable earnings after today's close: CPRT, GMAN, PANW, PLKI, SB, TLYS, UHAL

See full real-time earnings coverage »

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